Date:16/08/2004 URL: http://www.thehindubusinessline.com/2004/08/16/stories/2004081600551303.htm

Back Syndicate Bank relaxes norms for education loan

Our Bureau

THIRUVANANTHAPURAM: Syndicate Bank has relaxed norms for its education loans, according to a bank spokesman.

No collateral or third party guarantee would be required for education loans up to Rs 4 lakh. For loans exceeding Rs 4 lakh and up to Rs 7.5 lakh, only third party guarantee and guarantee of the parent or guardian will be required. Standard norms will apply for loans beyond Rs 7.5 lakh.

The loan scheme covers all courses from school education to super-speciality studies. It offers need-based finance for the entire spectrum of education expenses. For courses within the country, the loan limit is Rs 7.5 lakh and for those outside, Rs 15 lakh.

The interest rate is 10 per cent for loans up to Rs 4 lakh and 9.5 per cent for those above Rs 4 lakh.